Japan is expected to continue to face a severe economic situation for the time being and the country's exports are likely to slow down due to the global financial crisis, Bank of Japan (BOJ) Governor Masaaki Shirakawa said Friday after a two-day central bank board meeting.

The BOJ chief also indicated at a press conference that the central bank is not likely to cut its key interest rate in the immediate future, saying it is at a low level and further cuts could have various negative impacts.

Earlier in the day, the BOJ left its key interest rate unchanged at 0.3 percent in a unanimous decision at a meeting of its policy-setting panel.

(Xinhua News Agency November 21, 2008)